Nuhey News

We talk about the MARKET

Southeast Asian nations are experiencing a drop in exports due to decreased Chinese demand.

The coronavirus pandemic has caused exports from Southeast Asian countries to dip, as demand from China has fallen drastically. In Vietnam, exports to China dropped by 23 percent in the first quarter of 2020. Malaysia’s exports to China fell by 23.4 percent in the same period. In the Philippines, exports to China fell by 18.6 percent.

Southeast Asian countries are taking steps to mitigate the impact of the export dip. Vietnam has been pursuing new export markets and has announced plans to diversify its export destinations. Malaysia is promoting digital trade and has implemented initiatives to facilitate the use of e-commerce platforms. The Philippines is also focusing on developing digital trade and has launched an e-commerce platform to attract new business opportunities.

In addition, some countries are deploying fiscal policies to support local businesses. Vietnam has announced plans to provide financial support to businesses affected by the export dip. Similarly, the Malaysian government has launched a series of initiatives to provide assistance to businesses affected by the pandemic.

Overall, Southeast Asian countries are taking steps to mitigate the impact of the export dip by diversifying their export destinations, promoting digital trade, and providing financial support to businesses.